The Indian rupee has plunged to a record low of 95.3250 against the US dollar, marking a significant decline as crude oil prices surged past $126 per barrel. This spike in oil prices, driven by geopolitical tensions and tight supply conditions, is increasing India's import bill and raising inflation concerns. The rupee's depreciation, which has now exceeded 6% this year, is compounded by a hawkish stance from the US Federal Reserve, leading to stronger dollar demand and tighter global financial conditions. Analysts warn that persistent rupee weakness could lead to further capital outflows, as foreign investors have already withdrawn over $20 billion from Indian markets this year alone, nearly double the outflows from all of 2025.
BUSINESSPublished 27 Apr 2026 • Published 3 days ago • Updated 10h ago
Indian Rupee Hits Record Low Amid Surging Crude Oil Prices
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The Indian rupee has hit a record low of 95.3250 against the US dollar, driven by soaring crude oil prices exceeding $126 per barrel and a hawkish stance from the US Federal Reserve. This decline exacerbates inflation risks and capital outflows, prompting speculation about further Reserve Bank of India interventions.
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